Icon Offshore has posted a near 57% decline in second quarter net income as its fleet faced more time alongside rather than earning money.
The Malaysian offshore vessel operator said net profit was MYR 1.9m ($490,790) against the MYR 4.8m seen a year ago.
Revenue declined by MYR 9.7m, or 14.1%, to MYR 58.9m for the quarter primarily due to a reduction in fleet utilisation to 53.9%.
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